iTrustCapital Hits Unicorn Status By Letting People Invest Their IRAs In Crypto
iTrustCapital—a Long Beach-based trading platform that allows investors to buy cryptocurrencies, gold and silver through their retirement accounts—is Southern California’s newest tech unicorn after raising $125 million in a Series A funding round.
New York-based Left Lane Capital led the funding, which values iTrustCapital at more than $1.3 billion valuation, according to the companies. The startup plans to use the proceeds to expand product offerings, explore potential acquisitions and grow its marketing reach. Prior to the Series A, it had been bootstrapped by the likes of angel investor John Vojtech.
Since launching in 2018, iTrustCapital has grown to roughly $2 billion in assets under management and 25,000 client-funded accounts. The startup said it has more than doubled its total transaction volume in the last six months, to over $4.5 billion.
Representatives for iTrustCapital and Left Lane Capital could not be immediately reached for comment.
The crypto IRA industry is a fledgling yet growing industry that has a handful of emerging players. Among iTrustCapital’s competitors is the Sherman Oaks-based Bitcoin IRA.
While crypto investing is most popular among those aged 21 to 35 years old, iTrustCapital boasts of its broader appeal in the retirement savings field, with a client base that includes “thousands” in the 45-to-65-year-old age range.
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